The following data are obtained from Gianne Manufacturing Company:Cost of goods manufactured is P187,500Inventory variations are as follows: raw materials ending inventory is one-third based onraw materials beginning; no initial inventory of work-in-process, but at end of periodP12.500 was on hand; finished goods inventory was four times as large at end of periodas at the start.Net income after taxes amounted to P26.000, income tax rate is 35%.Purchase of raw materials amounted to net income before taxes.Breakdown of costs incurred in manufacturing cost was as follows:Raw materials consumed50%Direct labor30%Overhead20%Compute the amount raw materials beginning inventory:P38,571P60,000P90,000P40,000

Raw materials consumed means actual quantity and value of materials that is being used and consumed…

Answered: The following data are obtained from…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Alpha places 900 units in production during the year. All 900 units are completed during the year. It had no beginning WIP inventory. Direct material costs added during the year were $81,000 and conversion costs were $9,000. 8) What is the Direct Material cost per equivalent unit for the year? 9) What is the Conversion Cost per equivalent unit for the year? 10) How much is Cost of Goods manufactured for the year? 11) Assume beginning FG inventory was 0 (zero) and that Alpha sold 10% of what it manufactured this year. How much is COGS?
WHAT IS THE COST OF GOODS ABAILABLE FOR SALE BASE OFF OF THE CHART? Crane Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inventory 150 $4 600 12 Purchase 450 5 2250 23 Purchase 400 6 2400 30 Inventory 80 Assume a sale of 500 units occurred on June 15 for a selling price of $7 and a sale of 420 units on June 27 for $8.
Monroe Manufacturing, Inc. reported the following information related to inventory, which sells for $20 per unit: Beginning inventory: 3,000 units at $3 unit cost Purchase 1: 4,000 units at $4 unit cost Purchase 2: 5,000 units at $5 unit cost At the end of the period, the company has 4,000 units in ending inventory. Compute the cost of goods sold and ending inventory using the following methods: Weighted Average, FIFO, and LIFO methods.
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
SLR Corporation has 1,200 units of each of its two products in its year-end inventory. Per unit data for each of the products are as follows: Product 1 Product 2 Cost $ 54 $ 36 Selling price 80 38 Costs to sell 4 5 Determine the carrying value of SLR’s inventory assuming that the lower of cost or net realizable value (LCNRV) rule is applied to individual products. What is the before-tax income effect of the LCNRV adjustment? What is the before-tax income effect of the LCNRV adjustment?
Our company is a manufacturer and has the following data available for the current year: sales, $550,000; cost of goods manufactured, $250,000; finished goods beginning inventory, $30,000; and finished goods ending inventory, $20,000. What is the amount reported on the income statement for cost of goods sold? $260,000 $240,000 $290,000 $310,000
Tefft Industires has an average inventory of $170,000, sells on term of 2/10, net 30, and its cost of sales is $540,000. What is Tefft's inventory conversion period? *show work* A) 85 days B) 115 days C) 105 days D) cannot be determined from the data given
A company has cost of goods sold of $85,000 and ending inventory of $18,000. Its days’ sales in inventory equals:
Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $60,000; beginning inventory of $6,000 and purchases of $42,000. What is the estimated amount of ending inventory at the end of the period? Multiple Choice O O O $19,200 $36,000 $12,000 $24,000
Ashavinbhai
The cost of goods sold for Home Depot last year amounted to $3,536,800 and the average inventory at cost was $1,576,182. The published inventory turnover at cost is 5.4. Calculate the inventory turnover at cost, and if it is less than the published rate, calculate the target average inventory cost. (Round your answer to the nearest dollar.) a. $374,265 b. $491,222 c. $654,963
Cost of goods sold for Califant Industries was $949,420 for the year. If the beginning inventory at cost was $609,700 and the ending inventory at cost was $416,200, find the inventory turnover at cost. (Round your answer to the nearest tenth.) a. 1.9 times b. 2.0 times c. 2.4 times d. 3.2 times

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